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Buffalo Wild Wings (BWLD) Analysis & Valuation

Buffalo wild wings logoBuffalo Wild Wings (BWLD) was one of the top performers in a recent stock screen for companies that exhibited steady, predictable, growth with little debt. As part of the value investing workflow we developed in an earlier article, a detailed analysis must now be conducted, followed by a determination of BWLD’s intrinsic value.

BWLD is a restaurant owner, operator, and franchisor operating primarily in the United States, with a few locations in Canada as well. Restaurants are themed as sports bars, but attempt to be equally friendly to both sports fans and families alike. They have managed to succeed in obtaining a dominant position with their brand, and the company’s restaurants are the destination of choice for Sunday football as well as other major events. The company was founded in 1982 and has been publicly traded since 2003.

Buffalo Wild Wings has enjoyed phenomenal and consistent growth over the past decade. EPS has grown at a compounded annual rate of 24% over the past five years with sales growing only slightly lower at 23% / year. As of today, BWLD was trading for $71.94 which translates to a market cap of $1.34 billion. The company meets all of the other PGLD criteria as well, and boasts zero long term debt. Let’s look a bit deeper at the latest quarterly and annual reports to get a better picture. Continue reading

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